International law firm Reed Smith has advised Gemfields plc, the Aim-listed emerald producer, on its acquisition of Fabergé Limited, the word-renowned luxury jeweller.
As part of the deal, which was led by Reed Smith’s Europe & Middle East Corporate (EMEC) Group, Gemfields will issue up to 214 million shares as consideration for the deal which will be paid to Fabergé shareholders in proportion to their holdings. This will expand the Gemfields share capital by two-thirds, giving Fabergé Limited an enterprise value of approximately $142 million.
Fabergé currently sells jewellery through boutiques and retail concession in London, Geneva, New York and Hong Kong. Gemfields predominately mines emeralds through its Kagem mine based in Zambia, and also has commercial interests in ruby and sapphire deposits in both Madagascar and Mozambique.
James Wilkinson, partner and head of the EMEC Group at Reed Smith, led the multi-disciplinary team which included a number of Reed Smith Practice Groups, including Tax, Real Estate, IP and Employment.
Commenting on the deal, James Wilkinson said:
“We have looked after Gemfields since 2005 and so we are extremely pleased to have advised Gemfields on their purchase of Fabergé. This is a significant deal for Gemfields and as a result of the team’s excellent effort, Gemfields now has a secure route to market for their mining efforts and added one of the world’s most famous jewellery brands to their arsenal.
“This complex deal benefited from outstanding teamwork and exceptional expertise from a number of Reed Smith Practice Groups, as well as the team’s ability to liaise with a wide range of other law firms and stakeholders acting on this deal.”
Within the EMEC team, a number of individuals played a key role on the transaction, including Partner James Wilson; Associates Andrew Clark, Ruth Grigor and Kate Green; as well as Trainees Helena Clarke, Ed Hunter and Fiona McFarlane. In addition, experts from across the firm provided specialised advice including Caspar Fox and Annette Beresford (Tax), Marc Bergen (Pensions), Duncan Edwards (Real Estate), Gregor Pryor, Amy Cairns and Soren Thomsen (IP) and Laurence Rees, Jeremy Glover and Priya Magar (Employment).
ENDS
About Reed Smith
Reed Smith is a global law firm, with 23 offices and more than 1,600 lawyers in offices across Europe, the Middle East, Asia and the United States.
For further information please visit www.reedsmith.com or contact Jeyda Star (PR Manager EME) on +44 (0)20 3116 2571.